DAILY NEWS

Daily News – 23rd March 2018

SINGAPORE ECONOMY

Asian markets shrug off rate hike as trade war threat looms
Markets in Asia closed mostly lower on Thursday, even as the Fed gave a stoic nod to the stronger US economy through a widely expected rate hike on Wednesday. But market sentiment was weighed down by simmering threats of a trade war between the US and China. The Straits Times Index closed down 19.76 points, or 0.56 per cent, to 3,491.37, while the Hang Seng Index fell 343.47 points, or 1.09 per cent, to 31,071.05. Markets in Shanghai, Thailand, and Indonesia also closed lower on Thursday.
http://www.businesstimes.com.sg/government-economy/asian-markets-shrug-off-rate-hike-as-trade-war-threat-looms
http://www.straitstimes.com/business/mixed-trading-day-as-asia-takes-in-news-of-rate-hike
http://www.straitstimes.com/business/companies-markets/asia-markets-plunge-at-open-on-trade-war-fears

Government to fund 300 assessments for Smart Industry Index
The Government will fund 300 assessments for the Singapore Smart Industry Readiness Index. These assessments will help small and medium enterprises (SMEs) and multinational corporations (MNCs) accelerate their industrial transformation efforts, Dr Koh Poh Koon, Senior Minister of State, Ministry of Trade and Industry and National Development, said on Thursday.
http://www.businesstimes.com.sg/government-economy/government-to-fund-300-assessments-for-smart-industry-index
http://www.straitstimes.com/business/economy/300-funded-assessments-to-help-companies-adopt-advanced-manufacturing
http://www.straitstimes.com/business/more-help-for-firms-to-speed-up-industrial-transformation

US dollar falls against Sing$ and regional currencies
The greenback lost ground against the Singdollar and regional currencies yesterday as the United States Federal Reserve disappointed investors by sticking to its original plan of raising interest rates, despite the strengthening US economy. The US central bank raised its benchmark interest rate on Wednesday by 0.25 percentage point to a target range of 1.5 per cent to 1.75 per cent. It also said it expected at least two more increases this year, even as it raised its growth forecasts for the world’s largest economy.
http://www.straitstimes.com/business/economy/us-dollar-falls-against-sing-and-regional-currencies

SINGAPORE REAL ESTATE

Makeway View sold to Bukit Sembawang Estates unit for S$168m
A unit of Bukit Sembawang Estates has successfully tendered for the en bloc sale of the freehold Makeway View for S$168 million. This was also the asking price when the collective sale tender was launched on Jan 23. The sale price reflects a land rate of S$1,626 per square foot per plot ratio (psf ppr), including an estimated development charge of about S$21.26 million, said marketing agent Edmund Tie and Company in a statement.
http://www.businesstimes.com.sg/real-estate/makeway-view-sold-to-bukit-sembawang-estates-unit-for-s168m
http://www.straitstimes.com/business/property/makeway-view-sold-for-168m

COMPANIES’ BRIEF

Genting Singapore to seek shareholders’ nod to change domicile to Singapore
Mainboard-listed Genting Singapore said on Friday it will hold an extraordinary general meeting on April 17 to seek shareholders’ approval for a domicile change from the Isle of Man to Singapore, and a change in name from Genting Singapore plc to Genting Singapore Limited.
http://www.businesstimes.com.sg/companies-markets/genting-singapore-to-seek-shareholders-nod-to-change-domicile-to-singapore
http://www.straitstimes.com/business/companies-markets/genting-singapore-will-seek-shareholders-nod-to-move-legal-home-back-to

VIEWS, REVIEWS, FORUM & OTHERS

Landed home owners often have no option but to park on roads
Mr Lim Boon Seng has called on the authorities to take action against owners of landed homes who reserve parking spaces (Act against landed property owners who reserve parking spaces on road; March 21). I would like to highlight that living in a Housing Board flat comes with the privilege of a designated carpark.
http://www.straitstimes.com/forum/letters-in-print/landed-home-owners-often-have-no-option-but-to-park-on-roads

Widow’s house goes unsold after auction
The house that former China tour guide Yang Yin nearly swindled from a rich Singaporean widow has gone unsold despite being put up for sale by auction. Two bids were received but neither matched the minimum price of $35 million. The 31,882 sq ft property at 2F, Gerald Crescent, off Yio Chu Kang Road, belongs to retired physiotherapist Chung Khin Chun, 91. The property comprises a bungalow that sits on land that is about the size of half a football field. The plot has a 999-year lease which started in 1879.
http://www.straitstimes.com/singapore/widows-house-goes-unsold-after-auction